An engineer plans to retire in exactly one year and wants an account that will pay him P31,000 a year for the next 14 years. Assuming a 6% annual effective rate, what is the amount he would need to deposit now? (The fund will be depleted after 14 years). O P 288, 144.50 OP 288, 414.50 P 288, 441.50 O P 288, 114.50

An engineer plans to retire in exactly one year and wants an account that will pay him P31,000 a year for the next 14 years. Assuming a 6% annual effective rate, what is the amount he would need to deposit now? (The fund will be depleted after 14 years). O P 288, 144.50 OP 288, 414.50 P 288, 441.50 O P 288, 114.50

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 23P

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